Employed/Self-employed

jlf_85 · 2 July 2014 at 10:52AM

I'm a bit of a complicated case but I'm employed and self-employed (have only 1 year SA302)

I have got a DIP based on my employed side only despite having three advisers tell me Halifax will accepted one year accounts from self-employed.

Managed to get vendors down to a price I could afford based on the DIP plus a 20% deposit (DIP had gone through based on a 10% deposit)

To add to this I've had to put down a partial deposit due to the property being under an auction contract (first I heard...) and my advisor has since said I should have waited to make sure the underwriters were happy with everything.

So now I'm really worried, the adviser frankly has been pretty useless but I feel tied to them due to having DIP through them. Meeting them tomorrow to do the full mortgage application.

Any one able to hand hold?!

Mortgage_Mark_2 · 2 July 2014 at 11:11AM

The one word of caution would be to check the terms of the auction contract - many auctions impose a 28 day exchange deadline, and if you don't meet this you risk losing the 10% deposit that you probably put down upon winning the auction.

Halifax are as likely as anyone to be able to meet that deadline but you can't guarantee it - Halifax's average between application and offer is 3/4 weeks so it could be tight.

jlf_85 · 2 July 2014 at 11:14AM

Annoyingly the property didn't even go to auction, I put in the offer privately to the vendors but the estate agent is still being grabby.

They are aware that I won't exchange in 28 days, I made that very clear.

Thanks for your reply

Mortgage_Mark_2 · 2 July 2014 at 11:43AM

No worries, you wouldn't believe the number of people who either don't know they have that deadline, or don't realise how lengthy it can be to buy a house!